Saturday, September 19, 2009

I encounter one colleague who is going to get married to a guy. She has a problem. Almost all of her salary that she earned, went to feed her own family, ie. her father, her mother and brother. However, she wanted to get married and stay together with her future husband in their own house, as she do not want to stay with the parents-in-laws due to her mismatch of characters to the mother-in-laws. So, this means, they got to buy a new house, new furniture, new stuffs and items that can make the house decently to live in.They got 2 cars to pay. One for herself and one for her husband.

Her problem is, how to buy her dream house, while she need to feed her own family & pay for the 2 cars (both her and her husband) ?

hmm it seems these couple going to get an amount of 200 as their surplus. they have below possible options:

1. Reduce the expenses to a maximum to meet loan amount in each month. They have to sit together and think about how to reduce the expenses to get more savings. For example, if they sell one car, they will get enough money to pay loan EMI.

2. They should identify some side income than present to increase their savings.

Above are the core points. If think deeply, they can easily manage their expenses including a home loan EMI.

Where are they located? If they are in a city with a good subway network, just sell the cars and take public transport for a couple of years. Between getting stuck in a jam and in a crowded train, both sounds the same to me. By doing that, you take away the car installments and the credit car debts (if it works that way).

And maybe try setting up an part-time online business to do in the evenings/weekends?